AgenciesGold prices are set to end with weekly gains buoyed by a weaker greenback and lower bond yields following the US Fed’s dovish commentary which has triggered a nosedive in the dollar index (DXY).
Taking cues from the price of yellow metal in the international market, MCX February gold futures were trading at Rs 62,490 per 10 grams in the opening trade, up Rs 36 or 0.06% from Thursday's closing price. Meanwhile, the March Silver futures were trading at Rs 74,994 per kg, down Rs 82 or 0.11%.
On Comex, Gold futures were trading at $2,050.20 per troy ounce, up $5.30 or 0.26% while Silver futures were trading at $24.410, higher by $0.024 or 0.10%.
On Thursday, the MCX February contract closed at Rs 62,405, down Rs 49 or 0.08% while the March Silver futures settled at Rs 75,070, up Rs 3,538 or 4.95%.
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The dollar index (DXY) was down $0.02 or 0.02% against a basket of six top currencies and hovering around 101.94. The DXY has fallen nearly 2% in the past five sessions
"Gold and silver prices increased sharply on the MCX on Thursday as dollar index trades at 4 month low levels following Federal Reserve's decision to keep interest rates steady and signalling deeper cuts for next year as inflation is expected to cool faster than initially anticipated," Anuj Gupta, Head Commodity & Currency, HDFC Securities said, hinting that the commentary led to a fall in the dollar index, aiding the yellow metal.
On the daily chart, MCX Gold February futures are presently trading above the 21-day Moving Average, positioned at Rs 61,900 levels and a breakout surpassing the Rs 62,000 mark indicates a potential extension of the ongoing rally, though the likelihood of sideways momentum exists following a gap up, Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies. The projected resistance levels are identified at Rs 62,500 and Rs 62,900, with anticipated support zones situated around Rs 62,000 and Rs 61,800, Qureshi said.
Gold futures on the MCX have lost 0.30% or Rs 186 per 10 grams on a month-to-date basis, Gupta said. They were up by 13.52% or Rs 7,437 on the year-to-date basis as of Thursday, December 14 on the closing price basis. Meanwhile, Silver futures have declined nearly Rs 2,439 or 3.15% in value terms in December while gaining by 8.16% or Rs 5663 on the YTD basis, the commodity and currency analyst said.
The price of gold in major physical bullion markets like Delhi, Ahmedabad, and other cities is Rs 63,500 per 10 grams while those of 1 kg of Silver is Rs 76,500.
Silver
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Intraday Trading Strategy by Neha Qureshi
– Buy MCX February Gold futures at Rs 62,400 with a stop loss of Rs 62,200 and a price target of Rs 62,800.
– Buy MCX March Silver futures at Rs 75,000 with a stop loss of Rs 74,000 and a price target of Rs 76,500.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Taking cues from the price of yellow metal in the international market, MCX February gold futures were trading at Rs 62,490 per 10 grams in the opening trade, up Rs 36 or 0.06% from Thursday's closing price. Meanwhile, the March Silver futures were trading at Rs 74,994 per kg, down Rs 82 or 0.11%.
On Comex, Gold futures were trading at $2,050.20 per troy ounce, up $5.30 or 0.26% while Silver futures were trading at $24.410, higher by $0.024 or 0.10%.
On Thursday, the MCX February contract closed at Rs 62,405, down Rs 49 or 0.08% while the March Silver futures settled at Rs 75,070, up Rs 3,538 or 4.95%.
Click to know more
The dollar index (DXY) was down $0.02 or 0.02% against a basket of six top currencies and hovering around 101.94. The DXY has fallen nearly 2% in the past five sessions
"Gold and silver prices increased sharply on the MCX on Thursday as dollar index trades at 4 month low levels following Federal Reserve's decision to keep interest rates steady and signalling deeper cuts for next year as inflation is expected to cool faster than initially anticipated," Anuj Gupta, Head Commodity & Currency, HDFC Securities said, hinting that the commentary led to a fall in the dollar index, aiding the yellow metal.
On the daily chart, MCX Gold February futures are presently trading above the 21-day Moving Average, positioned at Rs 61,900 levels and a breakout surpassing the Rs 62,000 mark indicates a potential extension of the ongoing rally, though the likelihood of sideways momentum exists following a gap up, Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies. The projected resistance levels are identified at Rs 62,500 and Rs 62,900, with anticipated support zones situated around Rs 62,000 and Rs 61,800, Qureshi said.
Gold futures on the MCX have lost 0.30% or Rs 186 per 10 grams on a month-to-date basis, Gupta said. They were up by 13.52% or Rs 7,437 on the year-to-date basis as of Thursday, December 14 on the closing price basis. Meanwhile, Silver futures have declined nearly Rs 2,439 or 3.15% in value terms in December while gaining by 8.16% or Rs 5663 on the YTD basis, the commodity and currency analyst said.
The price of gold in major physical bullion markets like Delhi, Ahmedabad, and other cities is Rs 63,500 per 10 grams while those of 1 kg of Silver is Rs 76,500.
Silver
Click to know more
Intraday Trading Strategy by Neha Qureshi
– Buy MCX February Gold futures at Rs 62,400 with a stop loss of Rs 62,200 and a price target of Rs 62,800.
– Buy MCX March Silver futures at Rs 75,000 with a stop loss of Rs 74,000 and a price target of Rs 76,500.
(You can now subscribe to our ETMarkets WhatsApp channel)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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